India’s largest iron ore producer NMDC reported consolidated net profit fell nearly 55% to ₹1,441.89 crore in the June quarter.
“Early monsoon and a shortfall in demand accounted for a slow Q1,” CMD Sumit Deb said. The State-owned mining major had posted a net profit of ₹3,186.20 crore in the corresponding period last fiscal.
The net profit came on the back of a 27% decline in revenue from operations at ₹4,767.07 crore (₹6,512.21 crore). Total income was at ₹4,913.06 crore (₹6,656.30 crore).
During the quarter, the company produced 8.92 million tonne (8.91 MT) and sold 7.80 MT (9.45 MT) iron ore.
“On a positive note, our constant technological, digital, and financial growth provide comfort that NMDC will mitigate the current challenges and achieve the annual targets,” Mr.Deb said. Net profit on a standalone basis was ₹1,469.44 crore (₹3,192.84 crore).